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✓ Published: 02-Apr-2024
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✓ Published: 02-Apr-2024
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A Bankrate study found that Americans need to earn $110,871 annually in 2024 to afford a median-priced home of $402,343, up 46% from 2020. Six-figure incomes are needed to buy a typical home in 22 states and DC, up from only 6 states and DC in 2020. Western and Northeastern states like California and Massachusetts have the highest income requirements, while Southern and Midwestern states like Mississippi and Ohio have the lowest. Montana, Utah, Tennessee, South Carolina, and Arizona saw income requirements increase the most since 2020, by 65 to 78%. North Dakota, DC, Louisiana, Illinois, and Kansas saw the smallest increases, around 25 to 30%.
A Bankrate study found that Americans need to earn $110,871 annually in 2024 to afford a median-priced home of $402,343, up 46% from 2020. Six-figure incomes are needed to buy a typical home in 22 states and DC, up from only 6 states and DC in 2020. Western and Northeastern states like California and Massachusetts have the highest income requirements, while Southern and Midwestern states like Mississippi and Ohio have the lowest. Montana, Utah, Tennessee, South Carolina, and Arizona saw income requirements increase the most since 2020, by 65 to 78%. North Dakota, DC, Louisiana, Illinois, and Kansas saw the smallest increases, around 25 to 30%.
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